THE LEGAL PROFESSIONAL’S HANDBOOK:
Generative AI Fundamentals, Prompting, and Applications
The advent of generative AI marks a pivotal moment for in-house legal teams. Like any emerging technology, it brings immense opportunities and risks. As teams adopt AI, a crucial question arises – how can we strategically harness its power?
AI technologies like large language models offer the potential to transform workflows through accelerating contract review, supercharging invoice review , and extracting insights from data using natural language chat. For example, AI can rapidly analyze thousands of contract pages to flag risks and inconsistencies that are too time-consuming for manual review.
In this comprehensive guide, we will take a deep dive into these topics, exploring exactly what makes a legacy contract, the challenges behind (and importance of) importing legacy contracts, and what to look for when upgrading to a CLM system that gets the best out of your legacy contract migration.
However, effectively implementing these tools requires prompt engineering proficiency to properly instruct AI systems, given their limitations. Well-crafted prompts provide clarity and background information to elicit useful, accurate AI responses. With strong prompting skills, users can collaborate with large language models in a manner that augments their productivity.